Zopa Current account

flaneurs_lobster

winkowinko said:

10_66 said:

winkowinko said:

Besides Moneybox, is there any other way of paying yourself the cashback?

I don't have Moneybox, and I'm not sure I CBA to open one for the sake of £30. Are there any other simple alternatives?

Also, if I do decide to go down the Moneybox route, what type of account would I need. Would a Simple Saver suffice?

If you have a PayPal account you can use that for the DD.

Would it allow you to pull £1500 in one go like Moneybox does?

Well it definitely allows a quid! Don't see why not but I'm not testing it out.

flaneurs_lobster

s71hj said:

flaneurs_lobster said:

10_66 said:

winkowinko said:

Besides Moneybox, is there any other way of paying yourself the cashback?

I don't have Moneybox, and I'm not sure I CBA to open one for the sake of £30. Are there any other simple alternatives?

Also, if I do decide to go down the Moneybox route, what type of account would I need. Would a Simple Saver suffice?

If you have a PayPal account you can use that for the DD.

That's useful, just set that up (JIC). Wish I'd known before beggaring about with Moneybox.

How do you set dd up in PayPal? I thought I remembered it was easy but now I can't work it out! 

Can't be that hard if I managed it - I did use the web interface (find their app annoying since it insists on Auth code on every login and it's different enough to be irritating) there's a step-by-step in their help pages..

10_66

flaneurs_lobster said:

winkowinko said:

10_66 said:

winkowinko said:

Besides Moneybox, is there any other way of paying yourself the cashback?

I don't have Moneybox, and I'm not sure I CBA to open one for the sake of £30. Are there any other simple alternatives?

Also, if I do decide to go down the Moneybox route, what type of account would I need. Would a Simple Saver suffice?

If you have a PayPal account you can use that for the DD.

Would it allow you to pull £1500 in one go like Moneybox does?

Well it definitely allows a quid! Don't see why not but I'm not testing it out.

Yes, I did this in January for the full £1,500.  There are two options (in the payments part in PayPal), and for the DD to work you select the one that it mentions will take a few days (sorry, I'm not able to log in at present to see what that option's called), rather than the transfer that would be immediate.

flaneurs_lobster

flaneurs_lobster said:

winkowinko said:

flaneurs_lobster said:

winkowinko said:

Besides Moneybox, is there any other way of paying yourself the cashback?

I don't have Moneybox, and I'm not sure I CBA to open one for the sake of £30. Are there any other simple alternatives?

Also, if I do decide to go down the Moneybox route, what type of account would I need. Would a Simple Saver suffice?

Yep, Moneybox Simple Saver will do it.

Only reason that MB is used here is the ability to request £1500 in a oner, there are other savings accounts that will accept deposits by DD, discussed here

https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

but may not allow such a large amount as a one-off.

Or, of course, pay proper bills like utilities etc, just takes a little longer to max out the cashback.

Cheers for that.

Also, did I read correctly in your previous post, that once the money is taken from Zopa by the direct debit, it can take another week for it to show in your Moneybox account? Is this kind of delay normal? I was (perhaps wrongly) assuming it would be fairly instant.

Pretty similar from memory for this type of non-bank, auto-save provider (think Plum, Chip er, the other one).

It "shows" in Moneybox the next day, but it's not available to withdraw to somewhere more %%% for about 5 working days.

£1500 available to withdraw from Moneybox today, will be back in Zopa current account by end of next working day. So Monday to Monday, would PayPal have been "quicker"? 

Not exactly critical, that £1500 floating about will cost me ~£1.50 in lost interest.

trickydicky14

flaneurs_lobster said:

flaneurs_lobster said:

winkowinko said:

flaneurs_lobster said:

winkowinko said:

Besides Moneybox, is there any other way of paying yourself the cashback?

I don't have Moneybox, and I'm not sure I CBA to open one for the sake of £30. Are there any other simple alternatives?

Also, if I do decide to go down the Moneybox route, what type of account would I need. Would a Simple Saver suffice?

Yep, Moneybox Simple Saver will do it.

Only reason that MB is used here is the ability to request £1500 in a oner, there are other savings accounts that will accept deposits by DD, discussed here

https://forums.moneysavingexpert.com/discussion/6445857/savings-investment-dds-and-debit-card-deposits-an-updated-list/p1

but may not allow such a large amount as a one-off.

Or, of course, pay proper bills like utilities etc, just takes a little longer to max out the cashback.

Cheers for that.

Also, did I read correctly in your previous post, that once the money is taken from Zopa by the direct debit, it can take another week for it to show in your Moneybox account? Is this kind of delay normal? I was (perhaps wrongly) assuming it would be fairly instant.

Pretty similar from memory for this type of non-bank, auto-save provider (think Plum, Chip er, the other one).

It "shows" in Moneybox the next day, but it's not available to withdraw to somewhere more %%% for about 5 working days.

£1500 available to withdraw from Moneybox today, will be back in Zopa current account by end of next working day. So Monday to Monday, would PayPal have been "quicker"? 

Not exactly critical, that £1500 floating about will cost me ~£1.50 in lost interest.

Please let us know if and when you get your £30. I got it last year but was unsure if it still worked for a second year.

fly-catchers

Not got Moneybox app yet. Do I just set up a Simple Saver account and set up a DD to it from Zopa. And arrange it to send £1500 from the Simple Saver account to Zopa. And them set the DD to zero after that?

flaneurs_lobster

fly-catchers said:

Not got Moneybox app yet. Do I just set up a Simple Saver account and set up a DD to it from Zopa. And arrange it to send £1500 from the Simple Saver account to Zopa. And them set the DD to zero after that?

Um, think that's almost right, open SS in  MB. There's a weekly cycle to depositing money, set up a 1-off DD to be collected from Zopa for £1500, this will be "actioned" on the next Wednesday (ie added to the MB cycle) and will actually debit the Zopa current account on the next Monday. 

Read the description in MB, better than mine. Just make sure that the DD is showing in Zopa before the Monday "take" or it'll need to be the next week.

ccluedo

Moneybox £1500 withdrawal back in Zopa just after 1.30pm👌

fly-catchers

ccluedo said:

Moneybox £1500 withdrawal back in Zopa just after 1.30pm👌

Do you use Moneybox for anything else? Is it a good idea to leave some money in the Moneybox account? 

ccluedo

fly-catchers said:

ccluedo said:

Moneybox £1500 withdrawal back in Zopa just after 1.30pm👌

Do you use Moneybox for anything else? Is it a good idea to leave some money in the Moneybox account? 

No,I don't. I just opened it for the Zopa DD cashback based on the helpful info from other contributors here.